Visaka Industries Ltd reported a 140.78 per cent increase in its net profit to Rs 14.64 crore for the first quarter ended June 30, 2008, as against Rs 6.08 crore in the corresponding quarter last year.
Income from operations during the quarter grew 33.69 per cent to Rs 172.26 crore, as against Rs 128.85 crore in the comparable quarter a year ago, on account of increase in sales volumes.
“Last year, there had been an increase in raw material prices, which we couldn't pass on to our customers. However, we increased the prices of our end products during this quarter, which resulted in enhanced profitability,” said Suryanarayana, president, Visaka Industries.